International market research organization Zion has released a smart grid market research report. According to the report, the global smart grid market was valued at approximately $29.86 billion in 2017 and is expected to generate approximately $60.29 billion in revenue by 2024, with a CAGR of approximately 10.56% between 2018 and 2024.

The rising demand for energy consumption is the major factor driving the growth of the smart grid market. With the continuous innovation of advanced technologies, the increasing investment in grid digitization is likely to drive the growth of the smart grid market in the coming years. Government initiatives to increase the use of renewable energy, the existing generation mix, and the increasing need to create green infrastructure are expected to boost the expansion of the smart grid market in the future.

Smart grid systems are technologically upgraded compared to traditional power grid systems. The entire smart grid system includes computers, and uses advanced control and automation technologies with new technologies to improve its operational efficiency. Furthermore, the increasing demand for digitization of the energy and power sector and the huge need to develop grid infrastructure are likely to positively influence this market.

From a technical point of view, the smart grid market is segmented into advanced metering infrastructure, distribution automation, software and hardware, communication services, network security and transmission infrastructure upgrades. Communication services are expected to dominate the smart grid market, as communication devices with customer load control in the smart grid infrastructure help monitor the function and effectiveness of the grid. Through services, this market includes consulting, deployment and integration, support and maintenance. Due to the increasing R&D investment of manufacturing companies for smart grid pilot projects, the deployment and integration segment is expected to dominate this market.

In terms of regional markets, North America has seen significant growth in the global smart grid market and is expected to continue its dominance during the forecast period. Increasing natural disasters including unplanned power outages, storms, rainfall, etc., will drive the growth of the smart grid market in the region. In addition, the US government's initiatives in planning energy consumption are likely to further boost industry growth in the region in the future.

Due to the continued increase in smart home, smart building and smart infrastructure construction activities, the Asia-Pacific region is expected to provide significant growth opportunities for the smart grid market in the coming years. At the same time, the implementation of strict government laws and regulations to reduce carbon emissions and air pollution is likely to drive the growth of the smart grid market in APAC over the forecast time frame.

The European smart grid market is expected to offer profitable growth opportunities over the forecast period due to the substantial investments for the development of smart grid infrastructure and the implementation of favorable energy and climate policies in the region. Furthermore, the continued integration of renewable energy resources in the smart grid system will further positively impact the market in this region.